“924”一周年，关注增量政策预期！券商低调发力，300亿512000上探1%，逾64亿耐心资金持续涌入

Market Overview - The A-share market continues to exhibit structural trends, with brokerage firms playing a significant role in supporting the overall market [1] - The top-flow brokerage ETF (512000) opened slightly higher and experienced multiple upward movements during the day, ultimately closing up 0.86% and recovering the 60-day moving average [1][4] - The ETF recorded a total trading volume of 1.024 billion yuan, indicating active trading [1] Brokerage Sector Performance - The brokerage sector saw widespread gains, with Guosheng Securities leading with an increase of over 7%, followed by Shouchao Securities and Xiangcai Securities with gains of over 3% and 2% respectively [2][3] - A total of 17 brokerage stocks, including Huatai Securities, China Galaxy, and CITIC Securities, rose by more than 1% [2][3] Market Sentiment and Future Outlook - Following a press conference on the "high-quality completion of the 14th Five-Year Plan," market sentiment has improved, with expectations for new policies to stabilize the market [3] - Analysts believe that the A-share market is in a "slow bull" phase, with current adjustments presenting opportunities [4] - The brokerage ETF (512000) has seen a cumulative increase of 4.59% this year, ranking 25th out of 32 sectors, indicating potential for future gains [4] Capital Market Trends - The brokerage sector is expected to benefit from high trading activity, with margin financing balances reaching new highs, enhancing revenue from brokerage, interest, and proprietary trading [6] - Analysts project a steady upward trend for the capital market, with sustainable growth in brokerage earnings anticipated [6] - The top-flow brokerage ETF (512000) has attracted a net inflow of 6.472 billion yuan over 17 consecutive trading days, reflecting strong investor interest [6][8] ETF Characteristics - The brokerage ETF (512000) has surpassed 34 billion yuan in size, achieving a historical high, with an average daily trading volume of 957 million yuan [8] - The ETF passively tracks the CSI All Share Securities Company Index, encompassing 49 listed brokerage stocks, with a significant portion allocated to leading firms [8]